Correlation Between Do Fluoride and Agricultural Bank
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By analyzing existing cross correlation between Do Fluoride Chemicals Co and Agricultural Bank of, you can compare the effects of market volatilities on Do Fluoride and Agricultural Bank and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Do Fluoride with a short position of Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Do Fluoride and Agricultural Bank.
Diversification Opportunities for Do Fluoride and Agricultural Bank
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 002407 and Agricultural is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Do Fluoride Chemicals Co and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank and Do Fluoride is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Do Fluoride Chemicals Co are associated (or correlated) with Agricultural Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agricultural Bank has no effect on the direction of Do Fluoride i.e., Do Fluoride and Agricultural Bank go up and down completely randomly.
Pair Corralation between Do Fluoride and Agricultural Bank
Assuming the 90 days trading horizon Do Fluoride Chemicals Co is expected to under-perform the Agricultural Bank. In addition to that, Do Fluoride is 3.07 times more volatile than Agricultural Bank of. It trades about -0.06 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.33 per unit of volatility. If you would invest 465.00 in Agricultural Bank of on September 13, 2024 and sell it today you would earn a total of 32.00 from holding Agricultural Bank of or generate 6.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Do Fluoride Chemicals Co vs. Agricultural Bank of
Performance |
| Timeline |
| Do Fluoride Chemicals |
| Agricultural Bank |
Do Fluoride and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Do Fluoride and Agricultural Bank
The main advantage of trading using opposite Do Fluoride and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Do Fluoride position performs unexpectedly, Agricultural Bank can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Agricultural Bank will offset losses from the drop in Agricultural Bank's long position.| Do Fluoride vs. Harbin Air Conditioning | Do Fluoride vs. Shandong Polymer Biochemicals | Do Fluoride vs. China Express Airlines | Do Fluoride vs. Sunwave Communications Co |
| Agricultural Bank vs. Industrial and Commercial | Agricultural Bank vs. China Construction Bank | Agricultural Bank vs. Bank of China | Agricultural Bank vs. PetroChina Co Ltd |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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